The success of Chip and PIN technology in curbing credit card fraud could be pushing perpetrators into more violent options, security experts have warned UK retailers.
Much of credit card fraud is carried out by organised crime, and with the success banks and shop owners have had since the introduction of Chip and PIN technology, criminals are now looking at other ways to fund their activities, Mark Stevenson, security manager at Stars New Group said.
Stevenson told the Association of Convenience Stores' (ACS) retail crime forum that he believes these fraudsters could be turning to store robberies and muggings to recoup funds they have lost from card fraud schemes.
Both pose alarming news for neighbourhood retailers and their customers, he said.
One delegate told the conference that his store has seen a 93% decrease in credit card losses since converting to Chip and PIN, but has suffered a 60% increase in the number of armed robberies, a 70% increase in theft with violence and a 4% increase in burglaries.
Since the introduction of Chip and PIN, Britain's major banks have saved £320m and are predicting future savings of £400 to £500m each year, Stevenson said.
The forum's theme, however, was staff protection, and speakers presented shop owners with various options and products for protecting their staff, ranging from DNA technology to identify perpetrators, sophisticated alarm systems for lone workers and an electronic neighbourhood watch system.
